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SoftBank to Dump a Quarter of its Uber Holdings: FT

"The misleading information on Uber's app deprived consumers of a chance to make an informed decision about whether or not to choose the Uber Taxi option," the ACC chair Cass-Gottlieb said. File photo: Reuters.


(AF) Japanese technology investment fund SoftBank is shedding a quarter of its holdings in Uber, the Financial Times reported, citing sources, one of which said the decision followed the slump in Chinese ride-hailer Didi Chuxing’s shares.

The $100-billion Vision Fund will jettison 45 million of its 184 million shares in the American company, lowering its stake in Uber to less than 10%, the report stated. SoftBank’s bet on Didi went $4bn in the red following China’s crackdown on the company just days after it listed in the US, the report said. A separate source was cited as saying the move was unrelated to Didi’s decline. Full story: Financial Times  


Also on AF: Didi pulls off biggest Chinese US IPO since Alibaba, outperforms Uber launch


Mark McCord

Mark McCord is a financial journalist with more than three decades experience writing and editing at global news wires including Bloomberg and AFP, as well as daily newspapers in Hong Kong, Sydney and Melbourne. He has covered some of the biggest breaking news events in recent years including the Enron scandal, the New York terrorist attacks and the Iraq War. He is based in the UK. You can tweet to Mark at @MarkMcC64371550.


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